Company
ASX:TIE
Tietto Minerals Ltd (ASX:TIE) is producing gold from its Abujar Project in Côte d’Ivoire.
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"We are delighted to bring Ting’s international taxation expertise into play as we plan for capital returns and dividends from our Abujar Gold Mine, which is in full construction," Tietto managing director Dr Caigen Wang said.
“To address the board’s desire to continue with the rapid development of Abujar, we sought to align the company with like-minded investors, keen for the company to realise first gold production by Q4 CY22 and produce 260,000 ounces of gold
The West African gold explorer and developer provided its fourth project construction update, in which its team continued to work free of lost time injury in February.
To date, the company has achieved 13 intervals greater than 200 gold gram metres at AG core.
The company remains well positioned to advance a two-pronged strategy into 2022, which includes driving rapid resource growth at the project and fast-tracking mine development to achieve first gold.
“Intercepts from our infill drilling program account for 50% of the top 10 assays at Abujar, including the project-best results of 1.1 metres at 2,853 g/t gold,” says MD Dr Caigen Wang.
“We are well positioned to execute our dual strategy in 2022; our Exploration Team has recently commenced drilling 100,000m of diamond core this year to drive resource growth, and our Build Team is advancing construction work on schedule as
“Results from our drilling continue to demonstrate high grades present in this large system and with more than 70 kilometres of strike at Abujar and 100,000 metres of drilling a year, we think there is great potential to deliver more inters
“Our eighth batch of results from our infill drilling program at AG has delivered further high‐grade gold intercepts close to surface that will de‐risk open pit mining at Abujar,” says MD
The company remains well placed to advance its strategy of continued rapid resource growth at Abujar, and to pour first gold at the mine by the end of the year.
“With our recent capital raise, we are now funded to production with Abujar having potential to be one of the largest gold producing mines in Côte d’Ivoire, expected to produce more than 260,000 ounces of gold in the first year and 1.2 mill
Abujar has the potential to be one of the largest gold producing mines in Côte d’Ivoire, with production of more than 260,000 ounces of gold in the first year and 1.2 million ounces of gold in the first six years.
The latest infill drilling at the AG Core target was highlighted by 7 metres at 11.87 g/t gold.
Petra Capital’s target share price of A$0.96 is predicated on a long-term (post-2024) gold price of US$1,600/ounce. At spot prices of US$1,850/ounce, that target price increases to A$1.16 per share.
The strongly supported placement includes a material investment by Zhaojin Mining, one of China’s largest gold mining companies.
The company has mandated Taurus Mining Finance to deliver a project facility of up to US$140 million for the funding of the Abujar Gold Project in Côte D’Ivoire, West Africa.
The company is focused on fast-tracking the development of the Abujar Gold Project, targeting first gold in the December quarter of 2022.
“These impressive results follow our DFS last month that confirmed Abujar’s potential to be one of the largest gold producing mines in Côte d’Ivoire, expected to produce more than 260,000 ounces of gold in the first year and 1.2 million oun
Suitors are lining up at the door to fund West Africa’s next gold mine, with offers for between US$120 million and US$180 million to get the project off the ground.
The definitive feasibility study demonstrated robust financial results and estimated gold production of 260,000 ounces in the first year and 200,000 ounces per year over the first six years of Abujar’s 11‐year mine life.
